Premarket Stocks to Watch: Palantir, Coca-Cola, Marriott, and More

It is time to take a look at the stocks that made notable moves before the opening bell on Tuesday, Feb. 14.

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Palantir

Palantir software shares surged 18% in extended trading after the company reported that it made a profit in the fourth quarter, which was the first GAAP profit in the company's history. There was also a significant increase in Palantir's revenue when compared to expectations.

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Coca-Cola

There were gains of nearly 1% for the Atlanta-based beverage maker after it reported revenue of $10.13 billion for the fourth quarter, topping Wall Street analysts' expectations of $10.02 billion, according to Trade Algo. It came in at 45 cents in adjusted earnings per share, which was in line with expectations.

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Marriott

Marriott's stock rose nearly 2% in premarket trading after the company beat expectations for its top and bottom lines in the fourth quarter of the year. In the quarter ending December 31, Marriott reported adjusted earnings per share of $1.96 on revenues of $5.92 billion. It was expected that the company would earn $1.83 per share on revenue of $5.47 billion according to analysts surveyed by Trade Algo.

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Restaurant Brands

Stocks of the Burger King parent company dropped 3% after it reported 72 cents in earnings per share for the fourth quarter, less than the Wall Street estimates of 72 cents, according to Trade Algo. In addition, Restaurant Brands announced that on March 1, Chief Operating Officer Joshua Kobza will become the Chief Executive Officer of the company.

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Occidental Petroleum

After Goldman Sachs upgraded the stock to a buy from a neutral rating in the premarket, the company's shares rose by more than 1%. Wall Street firm Jefferies said that the stock's recent underperformance led to the upgrade, stating that the current valuation of the stock cannot be reconciled with the quality of the underlying assets and the cash flow power it has throughout the entire economic cycle.

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Fidelity National Information Services

As a result of Morgan Stanley's upgrade of FIS from equal weight to overweight, the fintech stock increased more than 1% premarket. As reported by James Faucette in a recent report, the shares of the company are due for a bounce, as they are expected to benefit from "a greater focus on M&A, likely derisked numbers, compelling valuations, and a more favorable [venture capital] landscape."

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Palo Alto Networks

Goldman Sachs initiated coverage of the cybersecurity stock with a buy rating premarket. An investment firm has said that Palo Alto is ahead of its rivals in key areas and its stock could rise by over 20% in the coming year, according to a note to clients.

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SolarEdge Technologies

The stock of SolarEdge, one of the largest solar energy companies in the world, fell more than 4% premarket despite the company beating estimates on the top and bottom lines for the fourth quarter, according to Trade Algo. Based on a transcript of the earnings call, the CEO of the company did indicate that the company was likely to experience "softness" in the first half of 2023.

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First Solar

A downgrade by Evercore ISI to the solar stock fell more than 2% premarket following the firm's comment that there may already be a premium for the good news First Solar is expected to announce.

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Cadence Design Systems

The stock of Cadence Design Systems rose 5% premarket on Wednesday after the company beat estimates on both the top and bottom lines for its fourth quarter, according to StreetAccount. The company also exceeded expectations when it came to its guidance for the first quarter of 2023 and the full year of 2023.

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Amkor Technology

Amkor shares fell about 3% premarket after its fourth-quarter earnings per share came in at 67 cents, three cents below estimates, according to Trade Algo. In addition, Amkor provided revenue and earnings guidance that fell short of expectations.

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Zoetis

Shares of Zoetis, a leading animal pharmaceutical company, rose about 2% after the company reported adjusted earnings of $1.15 per share, matching analysts' estimates, according to StreetAccount. There was a slight increase in revenue compared to expectations. It was a "win for the time being," according to Piper Sandler, who said there was uncertainty in the economy at the moment.